Atlantis Resources has partnered with ScottishPower Renewables (SPR) to acquire the latter’s two tidal energy generating projects totalling 110MW.
The acquired assets include a 100MW project at the Ness of Duncansby at Scotland’s north eastern tip and another 10MW development at the Sound of Islay in western Scotland.
The acquisition will be done through Atlantis’s Scottish project development vehicle, Tidal Power Scotland Limited (TPSL). In exchange, the deal will allow SPR a 6% shareholding in TPSL.
Both the tidal projects are located beside the 398MW MeyGen tidal array project in the Pentland Firth, in which TPSL hold 85% stakes.
ScottishPower Renewables CEO Keith Anderson said: "The MeyGen project has moved the tidal power sector forward in Scotland and Atlantis is now the world’s leading developer. This agreement will drive momentum in the sector."
The European Commission has already backed the Sound of Islay project with a €20.7m funding from its NER300 fund. Financial close for the tidal project is likely to be reached next year.
The Atlantis-SPR deal is expected help Scotland have 640MW of installed tidal power capacity by 2022.
In April, Atlantis Resources acquired Marine Current Turbines from Siemens in an all-stock deal to boost its tidal power generation capacity.
It has also reached lease agreements for two tidal projects totalling 130MW at the Mull of Galloway and Brough Ness.
Atlantis CEO Tim Cornelius said: "The UK is now synonymous with tidal power in the same way tech is with Silicon Valley. Thanks to the dedicated support provided by the Department for Energy and Climate Change and the Scottish government, the UK tidal sector is leading the world.
"In a transformational 12 months, we have increased our UK projects portfolio by almost 80% in terms of potential capacity, through the acquisition of Marine Current Turbines from Siemens, and this transaction with ScottishPower Renewables."